The Indian hospital operator offers to pay S$3.80 per Parkway share for the three-quarters of the firm it doesn't already own, beating Khazanah's bid of S$3.78 for a smaller portion of the company.

India-based hospital operator Fortis Healthcare together with a company owned by its controlling shareholders, brothers Malvinder Mohan Singh and Shivinder Mohan Singh, yesterday launched a general offer for the 74.73% of Singapore-listed Parkway Holdings that it doesn't already own.

If the offer, at S$3.80 per share, is accepted in full, the buyers will have to pay approximately S$3.2 billion $2.3 billion, although they said in an announcement that the intention is to keep Parkway as a listed company...